Communisis’ H1 update confirms another period of strong growth. Underlying trading is in line with expectations and the integration of recent acquisitions is on track. The recently announced AXA contract went live on 27th April and we see scope for sustained contract momentum with the interims approaching at the end of July. Following this reassuring update and having adjusted for recent euro weakness, the valuation presents a compelling opportunity (7.5x FY15 P/E falling to 6.5x FY16) with significant earnings growth and cash generation in store.